Goldman Sachs Downgrades iHeartMedia, Inc. (IHRT) to Sell, Yet Multi-Platform Reach Offers Long-Term Potential

We recently published an article titled 8 Up and Coming Streaming Companies and Services. 

On January 9, Goldman Sachs downgraded iHeartMedia, Inc. (NASDAQ:IHRT) to Sell from Neutral and lowered its price target to $3.50 from $4.00, citing valuation concerns following the stock’s 123% gain in 2025. In its note, the firm expressed growing concerns that shifts in audio consumption behavior and evolving advertising trends have diminished iHeartMedia’s ability to sustain long-term sales growth across its multi-platform audio offerings. Goldman added that these structural changes could pressure revenue durability despite the company’s recent share price performance.

The company delivered results largely in line with expectations during the third quarter of 2025. The company reported adjusted EBITDA of $205 million, closely tracking the midpoint of management’s guidance range of $180 million to $220 million. Strategically, iHeartMedia, Inc. (NASDAQ:IHRT) announced a partnership with TikTok during the quarter, featuring a slate of podcasts from TikTok creators alongside the launch of a dedicated broadcast radio station. This collaboration is designed to broaden audience reach, deepen engagement with younger demographics, and extend the company’s content ecosystem across emerging digital platforms.

iHeartMedia, Inc. (NASDAQ:IHRT)  is an American mass media company headquartered in San Antonio, Texas. Founded in 1972 as a single radio station, the company has evolved into a diversified audio and media platform spanning broadcast radio, digital streaming, and podcasting. iHeartMedia went public in July 2019 and remains one of the largest audio networks in the United States, with a broad national footprint across traditional and digital channels.

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